According to sources, Invitations for the ceremony were sent to all the major regional and national political parties of the country.
The opposition leaders who have been invited include Sonia Gandhi, Congress President Rahul Gandhi, Trinamool Congress Chief and West Bengal Chief Minister Mamata Banerjee, JDS leader and Karnataka Chief Minister HD Kumaraswamy and AAP supremo and Delhi Chief Minister Arvind Kejriwal.
However, Banerjee said she will not attend Modi's oath-taking ceremony, after rejecting the BJP's claim that scores of saffron party workers were killed in violence perpetrated by her TMC.
Mamata's announcement on Twitter came in apparent remonstrance after the families of over 40 BJP workers allegedly slain by her party were taken by train to New Delhi to attend the swearing-in ceremony.
President Ram Nath Kovind will administer the oath of office and secrecy to Modi and other members of the Union Council of Ministers during a ceremony at the Rashtrapati Bhavan at 7 pm on Thursday.
The invitation to opposition leaders is seen as Modi's move to reach out to them following the fiercely fought election in which the BJP registered a massive victory.
The government has also invited leaders of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) countries for the swearing-in ceremony.
Nearly 8,000 guests will attend the ceremony at the Rashtrapati Bhavan on Thursday, making it the biggest-ever event held in the historic premises.
While the guests attending the event will be treated to high tea, President Ram Nath Kovind will host a private dinner for the leaders from Bimstec countries as well as Kyrgyz President Sooronbay Jeenbekov and Mauritian Prime Minister Pravind Kumar Jugnauth - who have all confirmed their presence.
"It will be the biggest-ever event at the Rashtrapati Bhavan. 8,000 people are coming," Ashok Malik, Press Secretary to the President, told IANS.
The size of the gathering is seen as a reflection of the massive mandate received by Modi government in the Lok Sabha elections. Both the BJP and NDA have improved their tally compared to 2014.
The swearing-in will be held in the forecourt of Rashtrapati Bhavan, the same venue as in 2014. The event then was attended by about 5,000 guests.